Portman merger with Nationwide Payouts?

michaels

BBC is quoting payouts for members of 1000-1200 - does anyone have more details especially re borrowers?

Thanks

lipidicman

From the BBC
'Members of the Portman building society have been told that they will receive a bonus payment, should a merger with Nationwide get the go ahead. About 1.2 million Portman members stand to receive a bonus of between £200 and £1,000.
Portman members will vote on whether to approve the merger at the society's AGM on 23 April.'


That's it. You will have to have a lot of savings to get more than the £200. AFAIK the details are not out yet, other than speculation based on other deals

jennyjelly

Do we know if Nationwide customers will be getting anything? (holds breath and crosses fingers ...)

steady__eddie

An increase in the membership of their Society.

cashprincezac

To get more than 200.00 from the merger you will need around 4000 in savings at the time the merger was announced and kept it at this as a minimum until the date it goes through ( you get the minimum of 200.00 or 5.75% of savings amount if higher)

Lorian

jennyjelly wrote: »

Do we know if Nationwide customers will be getting anything? (holds breath and crosses fingers ...)

We do, they won't. Other than being a member of a bigger society.

cashprincezac

Borrowers get a flat 200.00

Save&Spend

cashprincezac wrote: »

To get more than 200.00 from the merger you will need around 4000 in savings at the time the merger was announced and kept it at this as a minimum until the date it goes through ( you get the minimum of 200.00 or 5.75% of savings amount if higher)

5.75% of the saving amount if higher...

Is there a cap on maximum amount payout? £100k saving, that would be £5750 payout.

moonrakerz

What info there is, is here:-

http://www.portman.co.uk/merger_questions.asp

Mr_Mumble

jennyjelly wrote: »

Do we know if Nationwide customers will be getting anything? (holds breath and crosses fingers ...)

Brand new members only.

michaels

cashprincezac wrote: »

Borrowers get a flat 200.00

Thanks for the info even if it is a bit disappointing - I missed the Lambeth money as well as even though I 'joined' before the merger was announced they still decided I had not been a member long enough to qualify :-(